trade now
Crypto AdoptionNewsVeChain (VET)

Crypto Ventures in Sports, Is There Anything More than Clout?

It seems crazy that a company like would spend hundreds of millions on securing sponsorship deals with big brands like Los Angeles Lakers and Clippers, LA Kings, and the women’s basketball team LA Sparks.

The decision of the company to invest a mind-boggling $700 million into the project of renaming the Staples Center into Arena seems to be a little outlandish.

It is all about pumping money

VeChain’s “investment” in a simple logo that would be ingrained in the flooring of UFC arenas was more than $100 million. It is certainly not a bad move, but does it pay off in the long run?

How many people in the UFC fandom are members of the target audience for VeChain? It is a question that we will likely never receive an answer to.

On the other hand, there are interesting deals between companies that can benefit from the partnership in the long run. For example, Red Bull’s F1 Racing Team is regularly short on funding but won’t take money from direct competitors of the parent brand or companies that do not mesh well with the public image of the company.

📰  Sony Considers Blockchain And NFT Usage In Games

However, partnering with ByBit seems to be a good fit. The crypto exchange receives very good publicity and Red Bull receives much-needed funding to keep their team going.

The deal size between RB and ByBit is $150 million over three years. Is it that good in the long run? Only time can tell. However, it looks like more crypto industry representatives are willing to invest in such deals to secure good marketing opportunities for years to come.

The whole industry is reimagining itself

Sports teams and athletes are not where the involvement of sport-adjacent brands in the development of the crypto industry ends. For example, Nike decided to foray into the world of NFTs.

La Liga, Bundesliga, and many other sports leagues are developing crypto related projects such as NFT-based fantasy games. We have a new exciting landscape for athletes and cryptocurrencies where marketing opportunities are endless and benefits for both sides are apparent!

📰  Crypto Wallet Review - Is Crypto Wallet Legit Or Scam? produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  EU Policymakers Want Urgent Implementation Of New Crypto Regulations In FTX Hearing

Isaac Jardine (France)

Isaac is a new writer for Tokenhell from Paris, France. He writes about brokers, crypto news, Memecoins and much more. Stay tuned for more of his articles on Tokenhell!

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content